Country Might Get Iran Sanctions Waiver: Indian Oil

Cutting Iranian crude exports to zero would be a "tough call" not only for the country but for the global oil trade, Mr Singh said.

Turkey has been told it will temporarily be allowed to keep buying Iranian oil, its energy minister told reporters, as has Iraq, as long as it does not pay Iran in USA dollars, three Iraqi officials said.

China, India, South Korea, Turkey, Italy, the United Arab Emirates and Japan have been top importers of Iran's oil, while Taiwan occasionally buys cargoes of Iranian crude but is not a major buyer. Under U.S. law, exceptions can be granted for up to 180 days.

Treasury Secretary Stephen Mnuchin said 700 more Iranian companies and people would be added to the sanctions lists under the reimposed sanctions. His GoT-like poster says that sanctions are coming Monday, a day before the midterm election and six months after the president withdrew from the landmark Iran nuclear deal. He declined to name the targeted institutions.

In audio released by the State Department, Pompeo said the ultimate goal is to compel Iran to permanently abandon its well-documented outlaw activities and behave as a normal country.

The US is to issue temporary exemption to eight "jurisdictions" from Iranian sanctions recognising their significant reduction in imports of oil from Iran.

Sanctions will also target payments through the special mechanism that the European Union has been creating specifically to avoid Washington's penalties and to keep buying Iranian oil.

Mnuchin defended the move to allow some Iranian banks to remain connected to SWIFT, saying that the Belgium-based firm had been warned that it will face penalties if sanctioned institutions are permitted to use it.

An Iranian government spokesman says the country remains nonchalant about the sanctions being re-imposed.

In May, Russian oil major, Lukoil said it had decided not to go ahead with plans to develop projects in Iran at the moment due to the threat of US sanctions.

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